Health Check: How Prudently Does Suzhou Zelgen BiopharmaceuticalsLtd (SHSE:688266) Use Debt?
Health Check: How Prudently Does Suzhou Zelgen BiopharmaceuticalsLtd (SHSE:688266) Use Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Suzhou Zelgen Biopharmaceuticals Co.,Ltd. (SHSE:688266) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
伯克希尔哈撒韦背后的外部基金经理李录将太多关注放在了投资风险上。他说:“最大的投资风险不是价格的波动,而是你是否会遭受到永久性的资本损失。”因此,明智的投资者知道,债务是评估一家公司风险多大的一个非常重要的因素,因为破产通常涉及债务。我们注意到,苏州泽璟生物制药股份有限公司(SHSE:688266)在其资产负债表上确实有债务。然而,更重要的问题是:这些债务会带来多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业成长的一种工具,但如果企业无力偿还债权人,则存在于债权人的支配之下。最坏的情况下,如果一个公司无法偿还债权人,则可能破产。虽然这种情况不太常见,但我们经常看到负债企业因债权人被迫以贴现价格筹集资本而永久稀释股东。当然,许多公司使用债务为增长提供资金,并没有任何负面后果。当我们考虑债务水平时,首先要考虑现金和债务水平。
What Is Suzhou Zelgen BiopharmaceuticalsLtd's Net Debt?
苏州泽璟制药-u的净债务是多少?
The image below, which you can click on for greater detail, shows that at June 2024 Suzhou Zelgen BiopharmaceuticalsLtd had debt of CN¥914.2m, up from CN¥709.3m in one year. But it also has CN¥2.38b in cash to offset that, meaning it has CN¥1.46b net cash.
下面的图片可以点击查看更详细信息,显示截至2024年6月,苏州泽璟制药-u的债务为CN¥91420万,比一年前的CN¥70930万有所增加。但它也有238亿的现金来抵消,意味着净现金146亿。
How Healthy Is Suzhou Zelgen BiopharmaceuticalsLtd's Balance Sheet?
泽璟制药-u的资产负债表有多健康?
We can see from the most recent balance sheet that Suzhou Zelgen BiopharmaceuticalsLtd had liabilities of CN¥1.17b falling due within a year, and liabilities of CN¥362.2m due beyond that. Offsetting these obligations, it had cash of CN¥2.38b as well as receivables valued at CN¥140.2m due within 12 months. So it can boast CN¥985.5m more liquid assets than total liabilities.
我们可以从最近的资产负债表看到,泽璟制药-u有到期的长期负债1170万人民币,到期后的负债为36220万人民币。 抵消这些义务,它拥有2380万人民币的现金和价值14020万人民币的应收账款,到期日在12个月内。 因此,它拥有98550万人民币的更多流动资产,超过总负债。
This surplus suggests that Suzhou Zelgen BiopharmaceuticalsLtd has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Suzhou Zelgen BiopharmaceuticalsLtd has more cash than debt is arguably a good indication that it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Suzhou Zelgen BiopharmaceuticalsLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这一盈余表明泽璟制药-u的资产负债表保守,可能很容易消除债务。 简而言之,泽璟制药-u拥有比债务更多的现金,这可能表明它能够安全地管理债务。 当您分析债务时,资产负债表显然是需重点关注的领域。 但是,最终收益才是决定泽璟制药-u未来能否保持健康资产负债表的关键因素。 因此,如果您专注于未来,可以查看这份免费报告,其中有分析师的利润预测。
In the last year Suzhou Zelgen BiopharmaceuticalsLtd had a loss before interest and tax, and actually shrunk its revenue by 2.3%, to CN¥407m. That's not what we would hope to see.
在过去一年中,泽璟制药-u利息和税前亏损,并实际将收入减少了2.3%,降至4.07亿人民币。 这并非我们希望看到的情况。
So How Risky Is Suzhou Zelgen BiopharmaceuticalsLtd?
那么苏州泽璟制药有多大的风险?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that Suzhou Zelgen BiopharmaceuticalsLtd had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥69m and booked a CN¥231m accounting loss. But the saving grace is the CN¥1.46b on the balance sheet. That means it could keep spending at its current rate for more than two years. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. For riskier companies like Suzhou Zelgen BiopharmaceuticalsLtd I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
从本质上讲,那些亏损的公司比长期盈利的公司更具风险。 我们确实注意到,泽璟制药-u在过去一年中的利息和税前亏损(EBIT),在同一时期,它看到自由现金流为负6900万人民币,并计提了23100万人民币的会计亏损。 但拯救的是资产负债表上的146亿人民币。 这意味着该公司可以以目前的速度继续支出超过两年。 总体而言,其资产负债表目前似乎不会过于冒险,但在看到正面自由现金流之前,我们始终保持谨慎。 对于像泽璟制药-u这样更具风险的公司,我总是喜欢关注长期利润和营收趋势。 幸运的是,您可以点击查看我们的利润、营收和经营现金流的互动图表。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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